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Four IcomTech executives have been ordered to pay a staggering $5 million for their involvement in a massive scam that saw victims lose over $1 million. According to reports, the executives convinced unsuspecting investors to put their money into a fake crypto mining and trading platform, promising them a share of the profits.
The court has found the five guilty of violating the U.S. Commodity Exchange Act and other regulations set by the country’s commodities watchdog, CFTC. This marks yet another instance where regulators have caught up with malicious actors in the crypto world.
The $5 million penalty is the cumulative amount across the five individuals, with each being ordered to pay $1 million. In addition to the fine, the executives are prohibited from interacting with any CFTC-regulated products or seeking registration by the commodities regulator.
A staggering 190 individuals fell victim to the IcomTech scam, hailing from various countries including the United States. Instead of using the funds as promised, the scammers misused most of it.
Three of the five executives have already been sentenced to prison time, ranging from five to ten years, for their roles in running the Ponzi scheme. The promoter, Gustavo Rodriguez, was recently sentenced to eight years behind bars, while IcomTech founder David Carmona received a 10-year prison sentence in October.
This latest development comes just three months after the CFTC ordered an Oregon man to pay $209 million for operating a similar Ponzi scheme.
Source: fullycrypto.com
